A Harare fuel company lost over $3.2 million and US$10 000, which it intended to trade on the Reserve Bank of Zimbabwe (RBZ) foreign exchange auction to a city dealer who hoodwinked its owner into believing that he could make a once-off bid at the auction.
Oil Mark (Pvt) Limited, which was being represented by Mr Peter Hebron Thomas, hauled Tinashe Muchero to the Harare Magistrates' Courts complaining that he duped the firm of cash following the botched forex deal.
Muchero was not asked to plead to the fraud charges when he appeared before magistrate Mr Richard Ramaboa.
Mr Ramaboa remanded Muchero to August 31, 2020 on $30 000 bail and also ordered him not to travel 50km away from Harare's Main Post Office.
The State led by Mr Sebastian Mutizirwa said on August 14 this year, Muchero allegedly connived with a company called Billion Enterprises Limited, 2 Biltrex Limited and Borgov (Pvt) Limited to defraud Oil Mark.
The court heard that Muchero told Mr Thomas that they were in a position to pay a once off US$34 134 on the forex auction on behalf of his fuel firm. Acting on the said misrepresentation, Mr Thomas, through his company deposited $3 413 140 into three separate bank accounts belonging to Billion Enterprises Limited, 2 Biltrex Limited and Borgov (Pvt) Limited.
The court heard that Mr Thomas also went to deposit US$8 000 into Biltrex PBC, $ 1 502 410 into Billion Enterprises and $1 111 000 into Borgov Trading's bank.
It is alleged that Muchero, in doing so, was fully aware that they did not have the US$34 134 that was needed to complete the transaction and assist Mr Thomas and his company at the forex auction.
The State claims it was in possession of proof payments made into the said bank accounts.